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. >> we don't pay you a lot for cnbc contributor, do we -- did we order you to be here? >> i'm contracturally obligated to not specify anything. >> not specify anything? here at 5:30 and all the way to 9:00. >> i knew that there would be trouble this morning. i got myself seated -- >> good. we'll squeeze you for everything you're worth. we needed a big name. >> big name. we got one. >> it day after -- for december 26. >> you're too kind. >> then here you are. >> here he is. >> what did you get? anything good? >> i have -- >> switch, lump of coal? >> he's a hanukkah guy. >> a lump of coal -- yes, but a lump of coal at some point probably worth something. tet rate we're going. >> that's right. you're -- no tree? >> i want a tree, my wife says they're too messy. >> the trees are messy. >> the needs needles -- >> you have the festivus pole. >> grievances -- >> you better go, sorry. >>> let's do the main headlines this morning. of course, there's only one main story this morning. it's a familiar one. the looming fiscal cliff. aides for both parties now saying a partial agreement o
. and then, you know, i don't think we've run this bite enough. >> tim geithner told steve liesman. >> i have it ready. >> that he is we should show it multiple times. >> tt is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest -- remember, it's only 2%. and all of those americans get a tax cut on the framework of the first $250,000 of their income. >> yeah, yeah, you still get the 250, andrew. they love that. what does oh, absolutely mean, bob? >> maybe it means his favorite movie was "rebel without a cause." >> go the. >> i guess it's letting the other side know you're willing to go eyeball to eyeball with something that is terrible. >> i see both sides pretending to say, yeah, we're doing all we can, but it's almost just like this -- like boehner just said, hey, you guys, you happen, in the democratic-controlled senate, you put a bill together. i'd love to consider it. he can't get his guys to consider a democratic bill. >> as long as they feel like they ca
that any of us would say oh, i love it. i don't live love it but i thin good job of negotiating where there are some wins and losses and it is about even. >> house republicans are keeping their powder dry. >> he wants to wait and see it on paper before he commit to voting for it. so right now at least we don't know whether a deal that is likely to pass in the senate could pass the house of representatives. are you surprised and isn't it interesting that vice president joe biden and senate republican leader mitch mcconnell have taken this thing and put it together i think it is quite interesting to me. >> it speaks to the power of personal relationship to me. interestingly it speaks to the relationship between mcconnell and harry reid. clearly the personal animosity got to be too much for those two to continue negotiating. clearly the president was happy with biden being a part of this final push here. if the reports are right, he is coming up to sell the deal to him. a lot of whom have expressed reservations about him. >> now, let's get reaction from the senate side. senator tom cobur
are now the norm. >> you don't think you're working too much? >> no. >> do you? >> no. >> do you? >> no. >> you're brainwashed. [laughter] >> maybe we're all crazy. >> maybe we are. [clock ticking] >> we have eight weeks of vacation. >> eight weeks of vacation? >> eight weeks, yes. >> like most frenchmen, marchand has no guilt about taking so much time off. in fact, it's the law. full-time workers in france are guaranteed at least five weeks vacation and a maximum 35-hour work week, with no paid overtime allowed. and not everyone is thrilled about working even 35 hours. >> the aim is to keep your job without working. >> welcome to 60 minutes on cnbc. i'm leslie stahl. in this episode, we'll examine our relationship with work. how much is too much, too little, and who should decide? but before we look at the hours we spend on the job, we'll look at how employers tried to influence the way their workers act off the job. as morley safer reported in 2005, that cigarette or drink at home, that political candidate you supported, even your eating habits are coming under the scrutiny of your em
really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. >>> i'm jim cramer, welcome to my world. >> you need to get in the game. >> going out of business and they're nuts, they know nothing. >> i always like to say there is a bull market somewhere. >> "mad money," you can't afford to miss it. >> i'm cramer. welcome to "mad money." people want to make friends, i'm trying to save you money. call me tonight. tonight i'm letting you in on something big. the method to my madness. i know this show is the craziest, most random, bizarre thing on television, and i also know that you won't find investing advice this good anywhere else. if you're suning in just to see if tonight is the night the show goes off the rails, which it is always a possibility on any given night. sorr
leadership says there's a 50/50 chance that we'd get a deal between now and january 1st, but they don't have any progress signs to point to in a tangible way. that's sort of a gut feeling that that will happen, and senate republican leadership aides said we haven't heard anything from the white house or senate democrats, so right now it's looking stalemated. there still is time for people to come back and pass a temporary kick the can kind of solution that would at least get us past january 1st for a month, two months, three months, but we've got to wait and see over the next couple of days. president obama comes back tomorrow and the senate comes back late tomorrow, and then we'll see if they can get their act together and get it done. >> what do you think the stop-gap would look like, john? what kind of elements need to be addressed immediately? >> there are four really. one would be an extension of all the bush tax cuts under $250,000 in income for some period of time, probably temporary. the second is a stop-gap measure turning off the sequester for some short period of time. it may have
. but long-term losses don't magically turn into long-term gains if you wait long enough. making money over the long haul is the ultimate goal in this game butch it's also become the alibi for short-term losses. that kind of thinking will only make you a worse investor, not a better one. before i can teach you how to invest for the long term, i have to disabuse you of all of the allegedly long-term alibis that you have been fed for ages. at what points do you need to cover your ears and tie yourself to the mast so that the you won't listen to the conventional wisdom and end up steering your portfolio on to the rocks? first and most important, long-term investing is not the same as simply owning stocks for a long time. in other words, don't confuse being a good investor with the idiotic ideology of buy and hold, or as i dub it, buy and forget. this one bad idea has lost people more money than the last two financial crises combined. and just because you have a long term horizon and the losses are unrealized, it doesn't make them into gainers or even potential gainers. losses are losses, reali
this mean for the fiscal cliff discussions? >> well, i don't think it really means a whole lot. i think it is -- sort of the white house's way, treasurer's way, of putting extra pressure on the people in the building behind us. by the way, none of them are there. i'm not sure that's really going to work, frankly. and -- i -- john, our colleague john harwood is exactly right. this is not a surprise. we knew this was coming. the question that it is, you know, three days -- thee business days, as you say before, the actual deadline itself, that's disconcerting. but -- again, it is not surprising. i don't think it has any -- will peak the negotiations at all, frankly. not at all. >> what about the secretary's use of this phrase -- the country would otherwise default on its legal obligations. i think he purposefully use this phrase default to confuse the public and -- during the last debt ceiling debate we had the same confusion as if the u.s. government would not pay interest on its debts. have -- you know perfectly well will is about a million things. i have been in the country where they
him to invoke federal law in order to invoke a cooling off period. i don't know what the likelihood of that is. i don't know what the president might do. do you think he would -- >> wow. that's a lot of red. >> you step out. you like to step out. you like to make statements, right? >> it's the holidays. >> i'm aware of that. >> you're wearing a red tie today. >> a shirt and a tie. that's usually what i go with, some type of shirt, some type of tie. no bells and whistles. this is your thing. whether you have bracelets -- one of those things is measuring your heart right right now. how is it? >> it's measuring my -- >> your calorie intake? >> my pressure goes up when i'm with you. well, no, this is the jaw bone. >> is it a measure of calories? >> calories, walking, sleeping, rem sleep, how much i shept last night. >> and calories. >> calories. >> if you wore it on your left wrist, would there be less calories, do you know? >> i will test that for you. >> test it out. gasoline prices. you know what i want to ask you? do you employ lobbyists at all? >> no. >> not at all? >> no. >> but w
... i was shocked. i--it was--i felt like my head exploded. i mean, i don't think if he had told me he was an alien i could've been more surprised. he said that the firm had liabilities of $50 billion. it never occurred to me that his business had anything like that kind of-- anything like that under management. it was--it was shocking. >> your mother, what was her reaction? >> she looked-- she looked shocked. she asked, "what's a ponzi scheme?" was her first question. she didn't even understand that. i think it was me who answered and said that it means that it's all fake. that dad's--you know, is-- he's not been doing what he says he's been doing. and he followed that up and said, "yes, i've been lying to all of you all of these years. i've been lying to everybody. i've been lying to myself," he said. >> and your brother? >> my brother was trembling with rage. he was absolutely furious. mark was the first one to stand up and said, you know, "i'm out of here." and he stormed out of the room. and i immediately followed him and walked out. >> you know, there's a lot of people out there
raise taxes above $250,000, and talk about spending cuts later. i don't see how that will ever get through the house. isn't that where we started? >> at this point, who is going to vote for that? once you as a republican vote for that, how do you have leverage later on ever in the negotiations? >> i think that sets up if they get the basic plan through the senate on democratic votes only and send that plan to the house, what that sets up is a failure of the plan in the house, because that's not something republicans said they could support in the past. what that would do you do is set up a situation where democrats are daring republicans on the last day of the deadline to vote against a solution. that could be tricky for them. a lot of republicans say we are not going to give in on the issue of raising taxes without the equivalent spending cuts on the other side of the deal. >> to not bring one face-saving -- one face-saving bone when it comes to spending cuts, i don't see how you get there. >> presumably, they are trying to hammer out that detail along with others in the potential
and please don't ever dig in your heels when the facts change. two important dispolitics that i stress in my book "getting back to even." it's a book at methodology not just individual stocks working at the time. when you're looking for stocks to investment, hunting for the next bull market, between 6:00 and 11:00 p.m., eastern of course, you have to start somewhere. looking at the new high list, that's a terrific place to begin. it's a terrific already sorted through list. i don't just pluck names off the new high list because i think they have been going up, they'll keep going up. why don't i recommend them on the show? lazy, irresponsible chasing of momentum. i'm a lot of things, lazy and irresponsibility i'm not. i apply the same things to this show as i did at my hedge fund. what i like to do when i'm hunting for stocks, and what you should do, is wait for something to pull back from the new high list. that's a discount from something that's full priced and good. that's when you would pass at a retail store, that's when you pounce in my store. the pullback gives you a good lower priced
long were you at -- you were at prudential. >> it's owned by prudential, so i've been at peru don'tal for almost 15 years now. >> widely quoted. you know who has made a comeback is ralph -- >> akampora. >> i've seen him around. do you remember his nickname? >> i don't. >> whatever you think of him, he's a great guy. >> he's a good guy. >> ed is going to try to make us slightly -- >> be a little sensitive. let's get you some some of the morning headlines. the biggest one being president obama planning to meet with congressional leaders at 3:00 p.m. eastern time today in a last ditch effort to avoid the fiscal cliff. the house majority leader eric cantor is now telling members to be prepared to work through january 2nd. both sides still far apart, however, on taxes and spending cuts. senate majority leader harry reid says prospects for a deal by monday are still unlikely. there was a lot of movement, motion for not a lot of action. >> where were you yesterday? >> i was here. we were together. >> were we ever with our -- no. but there were duelling senate leaders just -- first mcconn
handle a lot of the heavy lifting today, please, after about a -- >> you look good, joe. you don't look worse for the wear. how late did it go? >> i think we were -- like after 12:00. 12:30. >> you were tweeting me after 12:00. >> why was he up? oh, i know why you were at. >> i assume you continued the tailgating after that, then. >> no. but i definitely got behind some of the other -- i mean, i was not quite up to snuff with some of the other fans as we were exiting. >> those guys had been at it a little longer than you have? >> jae. you definitely don't want to say, hey, watch it, buddy. >> go redskins, right, and get out of the way? >> right. >> it's more dangerous to go to a game in philly. >> is it, really? >> yeah. they throw batteries and -- >> becky, i'm sorry about rutgers again. we didn't get to talk about that. three straight disappointments. there's always next year. are you ready for the big -- >> ready for notre dame. we have notre dame coming up, too. something else to look forward to. do you guys see any lawmakers? are you for notre dame over the tide? >> yeah. sorry, be
and we don't be what that will be and we should get more clarity on that tomorrow if there is, in account fa, a meeting at the white house we might find out what they're hammering out behind closed doors. >> thus far, democrats have refused to do any meaningful entitlement reform and republicans have refused to do anything related to taxes. we both know each side wants a piece of the other to do those exact things and both sides still refuse. is there anything that means those two factors have changed. >> we saw it on the stock market today and we saw the wild swings as news developments happened throughout the course of the day. it impacted the market throughout date and if that continues that kind of pressure from the outside could really put some force on these members of congress to come together for a deal. the closer we get the more pressure from the outside they're going feel and i think it makes it easier, not harder to get a deal in the last 48 to 24 hour space lot of folks have said that's the sweet spot for a deal anyway and there's another group that says we're going over this
a small deal could look like. guys, we don't have a whole lot of information on what's going to happen in that meeting. i should also mention that joe biden, the vice president, will be in there. of course, he led some of the early talks and they were all about trying to avoid this problem a year or more ago. those got nowhere. the talks over the summer got nowhere and so far the talks that are going on now have gotten nowhere as well, michelle. >> eamon, the last two things that you talked about, the doc fix for medicare, you don't cut what you pay doctors for medicare. >> that's right. >> turning off the sequester, they're talking about spending more money. no talk anywhere in his plan about any kind of spending cuts. >> yeah. remember, i'm laying out sort of a potential plan that the president could offer. you're right about those two items. also take a look at what's not on there. what the president didn't mention on friday of last week is the debt ceiling. now we have treasury secretary tim geithner reminding the country and the world that the united states is going to start to ru
will crash a little bit. i don't want to say crash as in crash but we could retrace some of the gains and a rough start to 2013 until they finally realize that maybe the large-cap companies could be leading us through the rallies. maybe it will take the stocks back up the latter half of 2013, first quarter. >> oliver, what are you doing with your clients' money right now? >> we think there will be a selloff as a result of all of this and also the debt ceiling debate coming up at the end of january and that's a buying opportunity because there's relatively strong, and strong gdp growth in the second half of 2013 so we would see a 5%, 7% selloff as a heck of a buying opportunity early in the year. >> i see you've got a year-end target for 2013. 1540, actually -- just looking at the 2013 predictions, you're pretty bullish. >> yeah. we think we're going to see a 6%, 6.5% return on the s&p. we think dividend-paying stocks will do even better and will focus on companies that are growing revenues and paying a strong dend. >> can i ask you a question about that scenario. >> of course. >> supp
not historically been a lucrative strategy, and i don't see any reason why that should change. there are a handful of incredibly professional short sellers, hats off, able to turn pessimism into profits but i don't recommend trying to follow in their footsteps at home. i never recommend short selling on this show because it's more risky than being long which is authentic wall street gibberish for owning stocks. just a basic question of arithmetic. let's go lieu it. when you short a stock or bet against, it right, as best that stock goes to zero and you have a 100% gain. double at worst, it could never stopng . and you could lose 200, 300, 1,000%, theoretically lose an infinite amount of money. when you own a stock the situation is reversed. the most you can lose is 100% of your money. we've seen ten baggers around here. ask anyone who bought apple near the generational bottom back in 2009. when it pulled back to less than 100 bucks, held on for the next three years, they snagged a 5850% return. ♪ hallelujah >> i'm not telling you to be so afraid of what could go wrong you'll pass up on that kind
an south la salle. >>> we don't know what to say about this, still apparently, no deal with less than 11 hours to go. the music says it best perhaps. washington has been an absolute circus. now in the center ring in 30 minutes, president obama is set to deliver his remarks, we will have them of course live for you here now on "power lunch." let's look at the countdown clock. if we don't get a deal before time slip slides away, spending cuts and tax hikes are indeed the order of the day on this new year. happy new year, america. i'm sue herrera. we will start with john har wood at the white house in a few minutes. but amman starts us out. >> it seems they are really hashing out details of what to do about the sequester, those are the massive spending cuts. how long you delay those down and otherwise pay for them seems to be the crux of the negotiation going on behind closed doors right now but it is very difficult to find out exactly where these negotiations stand because all sides are being very, very mum. we can tell you that democrats appear to be getting a little bit concerned about w
york. we don't have to get on an airplane. >> sold out at the blue note. two shows a night. 21 nights in a row. come down. shows are 8:00 and 10:30. there are usually a couple seats left because people can't make it to new york at the last minute but call the club or whatever. very, very famous legendary jazz club the blue note. >> usually room at the bar. >> there's always room at the bar. >> we'll see you in an hour for the closing bell. thanks so much. >> thanks, bob. speaking of the market shortened session one more hour. let's head over to maria at post 9. >> thanks, carl. hi everybody. welcome to the closing bell. i'm maria bartiroma at the new york stock exchange. no, your watch is not wrong. the closing bell ringing three hours early today at 1:00 eastern for christmas eve. hi, bill. >> hey, maria. i'm bill griffith here at cnbc world headquarters. a down day not terrible, light volume as you might imagine on this half day. the dow down about 40 points right now. 46-point decline at 13,144. all the other major averages lower as well. the nasdaq at this hour down about ten poin
. >> optimistic yesterday, but we don't yet see an agreement. now the pressure is on congress to produce. if they don't, what i've said is that in the senate, we should go ahead and introduce legislation that would make sure middle class taxes stay where they are and there should be an up or down vote. everybody should have a right to vote on that. if republicans don't like it, they can vote no. but i actually think there's a majority support for making sure the middle class families are held harmless. >> if you go over to cliff, what's the impact on the markets which have been pretty confident now it would get done? >> it's hard to speculate on the market, but obviously, i think business and investors will feel more negative about the economy next year. if you look at projections of 2013, people generally felt the economy would continue to grow, housing would continue to improve, but what's been holding us back is the dysfunction here in washington. and if, you know, people start seeing that on january 1st this problem still hasn't been solved, that we haven't seen the deficit reduction
on this game board. the senate hasn't voted for it yet. >> uh-huh. >> so i don't know. i think the negotiations are going on between a couple individuals. to throw this out in the full senate for a vote much less the house has a whiff of plan "b" and boehner on it. i think it may still get worked out in the band-aid form, but i don't think that's complete at this point. so i think maybe we're all going to be working tomorrow. >> i'm just getting word now that the house gop is going to caucus in an hour. they may not vote, but they'll be talking about what they're hearing coming from the senate and probably get more details at that point. it's not like we're not going to get any progress. but as i said before, rick, for something this important, would you want this to be that much of a rush job in. >> i agree with you. i totally absolutely agree with you. that it needs to be taken time. my reservation all day that i kept mum was is the house going to get this at ten minutes to midnight? i think those guys have some responsibility to do the job a little differently than the health care plan. i do
is bringing something up, as well. i don't think there's any business person that i've come across that -- over the last week or so that has not talked about what's happened here and talked about guns. and there is no case to be made for some reasonable basis to have assault weapons in the hands of the average citizens. there is no rational case for that. but this is another example of where the laws get outdated with modern society. we talked about social security. let's look at gun control, for example. the right to bear arms. sure, when we were protecting ourselves in the embryonic stages of our nation's founding. but today where does that stop? does it mean we could have mini nuclear weapons at home too? so the right to bear arms and our constitutional right has to be reflected to what the founding fathers had in mind. and they definitely did not have any idea that people would have rapid machine guns in their homes. >> you make a lot of sense. don, great to have you on the program. don peebles joining us. up next on "the wall street journal" report, not too late to buy a last-
it from there. we'll be right back. >>> don't miss a second of "mad money." follow @jimcramer. send jim an e-mail to madmoney@cnbc.com or call us at 1-800-743-cnbc. miss something? head to madmoney.cnbc.com. cramerica, wishing you peace and prosperity from all of us at "mad money." >>> welcome back to "mad money's" special earnings season companion show -- how not to be overwhelmed by earning reports and put them in perspective so you can profit from them in an informed and confident way, make money at home. we went over how i use earnings reports to figure out the growth rate and relate it to the stock price to figure out if it's too expensive or too cheap against its sector and the rest of the market. the next way i use the earnings report is equally as important. in some ways because of what i call the etf-zation of the market even more than the earnings per share. i measure the earnings growth and earning growth against its cohort and figure out -- here it is -- the whole cohort is worth owning or forgetting about. that's right. for most of my more than three decade of investing, i
which deductions we're talking about and any timetable for them? >> i have to confess, bill, i don't know how exactly that works. these are provisions that were first initiated in the 1990s as a way of getting more revenue from people at the top without raising their rates. so what you do is you take the same deductions that other people can take and you limit their value over a certain income level. this is in addition to something the president's proposed of making the tax deductions for people above a certain income level valued only at a lower percentage tax rate than the 39.6% rate. we'll see how all of these things mesh and how they're implemented ultimately. but it's a way of getting money from people below the $400,000 threshold. >> we'll get back to you shortly. >> i've got one more question. i hear maybe republicans want that to come down in exchange for allowing any increase on the higher income individuals. >> i think the republicans have given up the ghost on that issue because it's republicans who have been pushing the idea that this is all buttoned up and it's why mc
history of depression or other mental health problems, which could get worse while taking chantix. don't take chantix if you've had a serious allergic or skin reaction to it. if you develop these stop taking chantix and see your doctor right away as some can be life-threatening. if you have a history of heart or blood vessel problems, tell your doctor if you have new or worse symptoms. get medical help right away if you have symptoms of a heart attack. use caution when driving or operating machinery. common side effects include nausea, trouble sleeping and unusual dreams. it helps to have people around you... they say, you're much bigger than this. and you are. [ male announcer ] ask your doctor if chantix is right for you. [ticking] >> thank you for coming. we're gonna make some history together today. [cheers and applause] >> when steve jobs handpicked walter isaacson to write his life story, he had already been diagnosed with cancer, but after 40 interviews, the biography provides a vivid picture of a complicated man. >> i think it's a tough book. >> it's a book that's fair. i mean,
, and they said, "no, you don't understand." they said, "we specifically picked you out." >> he said, "from then on, i realized that i was not just abandoned; i was chosen. i was special." and i think that's the key to understanding steve jobs. >> another factor was geography. jobs grew up in northern california not far from palo alto. he was a gifted child who tested off the charts in a neighborhood populated by engineers. >> you know, he was raised in a place that was just learning how to turn silicon into gold. it had not yet been named silicon valley, but you had the defense industry; you had hewlett-packard, but you also had the counter-culture of the bay area. that entire brew came together in steve jobs. he was sort of a hippie-ish rebel kid, loved listening to dylan music, dropped acid, but also he loved electronics. >> jobs would eventually cross paths with a computer wizard at berkeley five years his senior named steve wozniak. they became fast friends, sharing a love of high-tech pranks and a disdain for authority. one of the things they did was to copy and improve an illicit dev
people think there could be a deal easily, these republicans don't fear the wrath of speaker boehner like they do the whip of norquist. in two weeks' time, we'll have a dramatic tax increase. going over the cliff is the only way these norquist controlled republicans can spare the wrath of grover. which i believe having known grover for 35 years is indeed worth than the wrath of khan. so why bother to sell now? it's a pretty legitimate subsequent, can't it? now we rallied 7% from the november woes. and i believe we can keep selling off. not hard, but certainly a couple percent as more and more people recognize that we could be going over the cliff. even if this is why you shouldn't sell. pull back again. perhaps by getting the achievable goal by helping the middle class with tax breaks. remember, it isn't a cliff where you have a hard landing. more kind of a jump on to a trampoline, maybe like a deep swimming pool. there is a recovery that is almost a certainty, but it could be a vicious belly flop where you come out and you're so red. jim, i think we should look for a grand bargain. inste
. and the marks don't like it at all, 158 points now tanking and falling further in the after market and we'll have to see how asia opens on monday. it could be ugly. the headlines are falling fast and furious. we're all over it "the kudlow report" starts right now. >>> welcome. i'm michelle caruso-cabrera in for larry kudlow. a lot happened in just the last couple of hours. >> michelle, there's considerably more optimism after the white house meeting between the president and the four bipartisan leaders than there was earlier in the day. mitch mcconnell and harry reid say they're going to come out and try to hammer out a bipartisan deal that can pass the senate with enough republican votes to convince the house to act and even president obama who had been concerned that they were not going to act and challenging them for an up and down vote said he was optimistic. here's the president after that meeting. >> i just had a good and constructive discussion at the white house with senate and house leadership about how to prevent this tax hike on the middle class and i'm optimistic we may still
trying to deflect attention on to me and my colleagues over the past few weeks is that they don't have a plan of their own that could get bipartisan support. the so-called senate bill that the majority leader keeps referring to passed with only democratic votes and despite the deep calls for the house to pass it, he knows as well as i do that he himself is the reason it can't happen. the paperwork never left the senate. there's nothing for the house to vote on the as i pointed out before we took the vote back on july the 25th the democratic bill is, quote, a revenue measure that didn't originate in the house so it's got no chance whatsoever of becoming law, end quote. that's what i said back on july 25th. the only reason we ever allowed that vote on that proposal, as i said at that time, was that we knew it didn't pass constitutional muster and that democrats were really serious they would proceed to a revenue bill that originated in the house, as the constitution requires, and as i called on them to do again last week. to repeat, the so-called senate bill is nothing more than a glorif
government securities and investments in the federal employee pension funds. those don't sound like good practices going forward. president obama meanwhile arrives back in washington after cutting short his christmas vacation in hawaii. congress is back in town, but little progress was made over the holiday to avoid the fiscal cliff and no talks have been set. the senate is due in session today, but the house has no plans to reconvene. last week, house speaker john boehner said it was up to the house to act on extending unemployment benefits. as we work through all of this, we are happy to be joined by allen capper, head of credit strategy at lloyd's for the hour. welcome back. i guess we're still shaking off the christmas turkey tryptophan, i guess they call it, and yet it feels as though it's groundhog's day. >> yes. you say shaking off the christmas blues and we're shaking still waiting to hear what happened with this fiscal cliff. we knew they would take it to the wire. there's no surprises. what concerns me, this may stretch on until january. now, this is not the first time we've be
are beginning a campaign, i don't know how large the campaign is going to be, to have inscribed on some of the sleeves that go around their coffee to make it easier to hold, going to write "come together" in a message to politicians in washington, and you know, if coffee can't unite people, what can? >> let's hope. the clock's still ticking. john harwood in washington, thank you. >>> what are the chances that a deal can be reached this week? jonathan allen is a senior correspondent at politico. welcome. you just heard john harwood say that there are some rumblings that there might be a 50/50 chance of a so-called mini deal that would do something to avoid the sequestration and avoid the worst of the tax hikes. is that what you're hearing? >> that's how bad it is. we're down to a 50/50 chance of a mini deal. for two years the president and the congress together collectively and also individually essentially abdicated their leadership on the budget. i don't know why anybody would necessarily expect that to change over the next two or three days so the best you could hope for is a little b
on the major indices, puts on the dows or puts on the spiders. i don't know anything about gold. if i'm forced into a hard asset, would i rather look at silver, but in bonds, i think the risk in bonds is extraordinary, but i'm not a bond guy, so it's a little prejudice, but that's a dangerous play to me. >> see you later. all right. here we go. we're going into the last hour here as we wrap up the trading week near the lows of the day and of the week, down 142 points. stick around. we may hear something out of this white house meeting during this second hour of the "closing bell" which gets under way right now. >>> and welcome back, everybody, to the "closing bell." i'm mandy drew i sitting in for maria bartiromo. lots of drama in washington. congressional leaders have arrived at white house. they arrived there about an hour ago with three days to go before we go over that proverbial fiscal cliff. they are meeting with the president and the treasury secretary timothy geithner, and they are trying to hash out a deal. but reports that the president has nothing new on the table has ended up spook
to the housing market recovery. >> yeah. today also a big day for returns, i don't know if you got gifts and are planning on taking time off later to be able to swap them back. michael, how does the return situation impact the numbers that we see? we're going to have a lot of people going to the malls, right? a couple of thing will happen. one, they'll be returning items. you may get even exchanges there. i wonder if they're going to be spending more because they're out and about with their families. and also you have the issue of the gift cards because that -- the retail, the revenue from the gift cards is going to be booked once those gift cards are actually used. so how do these few days after christmas impact the numbers? >> well, first of all, i'm not returning anything. so anyone -- anyone gave me anything for christmas, don't worry. i love it. but in terms of gift card sales, you're absolutely right on the accounting on that. the late season storm, big blizzard that came across northern regions of the country, that may have stimulated additional gift card purchases. that tends to
by the developments out of washington. >> yeah, sure, if we don't see any kind of compromise whatsoever, you'll see this s&p 500 trading in the 1360s next week. i think you'll get a short-term deal, address some of the issues, not really solve anything, kick the can down the road much like they do in europe and get your mild positive reaction going into the jobs data on friday. >> do you think we get a definitive move in this market one way or the other with some announcement out of washington, or is this market just so tired of all of the developments there? what do you think? >> well, there's still a risk-on trend, and if they kick the can down the road or actually come to some kind of compromise, that trend is intact, and you'll see going into the first few months of the year i believe very positive price action for all the equity indexs? >> what now, rick? what say you? what now? >> i liked dan greenhouse's comment. in a perverse sort of way. if there really is any austerity, you'll hear an ouch or some squawking or bellyaching which is the fiscal cliff. if we went over the cliff, they be we ac
p panache? >> my hair looked different on every single -- i don't know. >> do you have a different style and mood every morning? >> i don't know. it shows that it's real. that's what i'm going to stick with. all right. >> we want to thank john harwood for joining us for the hour. we also want to thank tony and jared for being with us through this whole hour. >> and sitting through that. >> happy new year to everybody. and we should point out, look, fiscal cliff, market says, what, me worry at this point? >> i wonder what really did happen. did you get anything -- >> i think it was tony and i. >> not since we last talked. >> you guys get along well. as long as you're a steeler fan, you get along. it was great. thanks, guys. we've got to go. >> can you see this? we're giving out the fiscal cliff bars today. >> bye, everybody. happy new year, joe. right now, time for "squawk on the street." ♪ >> one final trading session for 2012. and it comes, of course, with the add eed drama of a fiscal cliff set to take place 15 hours from now. i'm carl, with melissa lee. cramer and faber are of
. we don't have the exact time. when it goes, we'll go there. investors getting quite nervous. obviously the dow dropping below 13,000. the first time since early december. fear index is spiking the vick. what going over the cliff will mean for you and your money. we will talk about it this hour. >>> airline stocks flying high sitting at 1 1/2 year highs. will it be smooth skies for the industry next year in 2013. phil lebeau has the report. >>> how about housing? what a story housing has been this year. a milestone. home prices on track for their first year-over-year gain since 2006. is the worst finally over? some say yes, others say no. what does michelle caruso-cabrera say. >> tyler, let's drill down to the numbers you were talking about. only four hours to go until america goes over the fiscal cliff. the dow jones industrial average down 113 points. had been down 148 points. look at that as we come on the air back above 13,000 level, not by much. the nasdaq, the biggest decline. 33 points. below 3,000 now at 2957. actually, hasn't been below 3,000 before that. s&p lower b
this holiday, if sales don't meet expectations? well, is that good for online merchants? william blair said amazon has increased discounting this year. quote, amazon's consumer proposition appears incrementally stronger versus walmart and target. amazon's prices are 2% lower than walmart brick and mortar prices when you factor in amazon shipping costs and 5% lower than walmart.com. amazon prices are 9% lower than target and 10% than target.com. they think target may be losing its edge on pricing. however, if you're shopping on amazon today, for anything other than a gift card, melissa, i don't think you're going to get it in time for christmas. back to you. >> yeah. really? there are only two employees in that macy's? macy's across the country have been continually open for the past day into christmas eve. >> earlier i did see two shoppers. no, that guy's stocking merchandise. no, that's not a customer. we can't go in from this side. >> he doesn't leave the store? >> this woman's dusting back here. i mean, i don't know, they're all working. they're all getting paid. they all get to be here
the president's last offer after we go over. >> wait a minute. you don't necessarily see any of the developments today as progress per se? >> no, i don't. in fact, if you actually listened theord the thoeks are s saying to each oh, we're here but not willing to talk to each other about anything substantive, and it's also very difficult for me to imagine any new kind of offer or plan coming into the mix that could be absorbed in a matter of days so base include all the offers are on the table and i don't see a clear political path to any one of them prior to going over the cliff. >> you know, rick santelli, i love this country. i chose to move to this country, but i'm getting very frustrated with the leaders of this country. >> welcome to america. >> they are teaching us fiscal irresponsibility. want us to pay our mortgage on time, pay our taxes on time when they seem to not be able to do anything on time themselves. >> well, that's a softball for you, rick. >> and the entire argument that, you know, the wealthy, they don't mind. they vote for higher taxes. they don't spend the money anyway. tell
that don't live in new york, here is look at the tabloids this morning. the "new york post," off the fiscal cliff. this fall is really going to hurt. ben white of morning money, dennis, said an excuse to get a bic can keeney on the cover. >> relatively slow news day. what geithner did yesterday is almost as if he is strapping a damsel in distress to the tracks and saying the stakes are rising higher. the markets are taking all this tension, all this sort of -- these things at stake to really make the point perhaps that you have to have those stakes really high for people actually to get a deal. >> on "fast" last night when that letter crossed in the green rooms, we were chatting, we said this sounds like a ploy on the part of the treasury to actually get people to start moving. obviously, there wasn't a market selloff, did have the stumbling blocks and traders on friday said almost better if we did see the markets pull back more to crystallize what this could mean for the u.s. economy to members of congress. we didn't see that. it is a numbers game though in terms of what will happen. we kn
that contributed. we've had some analysts say that because people don't feel they have to go out and buy a coat. >> because it will never get cold again. >> except today, when it's 28 degrees. we'll see how after christmas does. internet also, it doesn't appear as online sales are up as p as anticipated. and perhaps they made up for the loss of the brick and mortar. >> you were pointing out before the show, luxury was not immune to this. you would think it would be more in tune to the consequences a cliff. >> you can take a look at the mid-atlantic and northeast regions, those regions account for 24% of national retail sales. within luxury, a big portion of that 20% is in the heast region. and so when you have that sort of double whammy, sandy, newtown shootings, fiscal cliff, all these things can combine to depress shoppers' appetite to spend at this point. >> we'll talk a lot more over the next couple of hours where the discounts really came. there's a lot of talk about walmart and gap, and macy's and target. and then what that's going to meet as they try to clear out all this inventory, real
to pay attention and don't have to focus on the tobacco craving. >> snus curbs the craving as the nicotine absorbs into his gums. >> you want to smell it? >> yeah. billings is 31, a musician and college student in l.a., who has smoked since he was 16. >> kind of grassy. >> smells good to me. >> phillip morris and r.j. reynolds have been selling their brands of marlboro and camel snus for about a year. at $4 a can, about half what a pack of cigarettes usually costs, the company say sales show that snus is starting to catch on. >> i have a cigarette when i get up in the morning. >> here's justin at 7:00 a.m., smoking while he checks his email. he used to dread being stuck someplace where he couldn't feed his habit. now he's buzzed on nicotine practically 24/7. as he heads off to the gym, he pops in a snus. >> and i'll put the snus in. and instead of walking, i can jog to the gym because i'm not carrying a cigarette. you can't jog carrying a cigarette. and-- >> but you jog with the-- >> yeah, i jog with the snus in. >> and at the gym, he snuses while he's working out. >> and i
the speaker can't tell what they're going to do. >> i don't want taxes to go up. republicans don't want taxes to go up. but we only run the house. democrats continue to run washington. >> call me a hopeless optimist, but i actually still think we can get it done. >> eamon javers live in washington. eamon, fascinating to look at that tape in retrospect. >> i think a lot of people in washington think the make-or-break deal making sessions have already happened here. and one republican senator i talked to this morning said there are very low expectations now for this meeting at the white house today. and boy, how times have changed, carl. just watching that tape that you just ran. one of the things that i'll be watching for when i'm standing on the white house north lawn this afternoon is whether or not these four congressional leaders come out as they did back in november and talk to the press after the meeting. we've had a lot of meetings at the white house where people have left very quickly, gotten into a suv and driven off the complex without talking to reporters. if they come out to those
cliff agreement reached we could see a gold play and if we don't see a fiscal cliff agreement reached, gold could see a buy. >> when you look at this income theme, which we think is still very important and for next year a secondary income theme, growing dividends, second commercial property, it has a lot of competition to do. we still own it. we've trimmed it. it's still a bit of a mixed message of gold. >> yeah. i think another role of gold is as an inflation hedge. and there i think the outlook is pretty negative, actually. because inflation is going to pick up and make gold a good investment. inflation, given all these weak economies in the world does not look likely to pick up. and that should reduce demand for gold. even the fiscal cliff, if the outcome of the fiscal cliff is a bit more austerity in the u.s., that should drive down inflation. >> we've seen a portfolio structure adding gold in that 12-year period. if you start to remove some of these buyers from the market such as a coutts, will the buying from central banks be enough to support the loss of that investor class? i
to have been the theme this year. businesses don't like it. investors don't like it. how much uncertainty do you expect in 2013 for the political and for consumers? >> plenty. the world is an uncertain place. to mike's point, i agree. i think the fundamentals both here and global are looking pretty strong. the problem is we're seeing essentially simultaneous deterioration in political systems across the world. obviously europe has been having a number of problems, but i wouldn't exactly say washington has been covering itself in glory. so one of the big questions going forward, i think, is whether or not the political system will do enough to -- i don't want to exactly say get out of the way because they have to do enough to help structure our recovery, right? we can't have bad policy happening, whether or not they are helping or hindering. with a couple of decent decisions they can really provide juice to the recovery now. >> what do you see as far as the relationship between the president and congress this year? >> it's not been great so far. it will matter quite a bit whether or not th
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